FLAME Newsletter - July 24, 2013


QUOTE OF THE WEEK:

"When things are going well, government should interfere as little as possible. When things go badly, as they seem to be at present, it is the responsibility of the government to become pro-active" - Manmohan Singh, Prime Minister

YOUR FINANCE DEMYSTIFIED:

How to control your health insurance expenses?


Health care inflation has gone up to 18% leading to significant rise in medical care costs and making health insurance premiums expensive as well. Also, as healthcare expenses rise, the real value of the sum assured decreases. It is important to take necessary measures to protect the sum assured as well as to keep the soaring premiums in check.

Says Arun Balakrishnan, CEO, BerkshireInsurance.com, "The first step is to review your plan at periodic intervals and assess whether any changes are needed. For instance, a single professional may need to include cover for his spouse and children after marriage. Changing health conditions of the family also need to be taken into account."... Read more

Guide to planning health insurance

Medical costs have been increasing day by day. From hospital expenses, to surgical costs, a medical emergency could bring about a sudden jolt not only emotionally but financially too. At such times of medical emergencies a health insurance plan is the best way to protect you and your family. It takes care of all medical expenses in case of an unforeseen illness / surgery, thereby reducing the financial burden... Read more

Selecting a suitable health insurance plan

In times of soaring medical costs and increasing occurrence of lifestyle diseases and ailments, having an appropriate insurance policy is a must to avoid serious financial crisis. While most of us are aware of the need for medical insurance, we often procrastinate its purchase. One of the most common reasons for doing so is that there are there are multiple plans available and settling on one particular plan can get very confusing.

Here are some tips to help you select a plan that fits your needs and offers you the maximum value for money. Broadly, there are four types of policies.... Read more

 

DID YOU KNOW?

Where to open the PPF account?


Public Provident Fund (PPF) accounts can be opened in a post office or in selected bank branches. The regular KYC (know your customer) documents need to be submitted for opening a PPF account with a minimum investment of Rs. 500... Read more

TERM OF THE WEEK

American-Style Options:
Options that can be exercised any time during their lifetime. These are also known as open options.

IN THE NEWS THIS WEEK

Aadhaar KYC rules can be followed for e-insurance: IRDA

Compulsory filing of tax return for those earning Rs. 5 lakh


ABOUT FLAME

FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.



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